SCHEDULES

F1SCHEDULE 3ZCCT Payment plans for tax on certain transactions with EEA residents

Annotations:
Amendments (Textual)
F1

Sch. 3ZC inserted (retrospective and with effect in accordance with Sch. 7 para. 4(1)(a) of the amending Act) by Finance Act 2020 (c. 14), Sch. 7 para. 2

Qualifying transactions

3

1

For the purposes of this Schedule each of the following is a qualifying transaction of a company (“the company concerned”)—

a

a disposal within sub-paragraph (2),

b

a transaction within sub-paragraph (3),

c

a transaction within sub-paragraph (4), and

d

a transfer within sub-paragraph (5).

2

A disposal is within this sub-paragraph if—

a

it is a disposal by the company concerned of an asset,

b

it is a disposal to a company (“the transferee”) that at the time of the disposal is resident outside the United Kingdom in an EEA state, and

c

it is a disposal to which section 139 or 171 of TCGA 1992 would apply were the transferee resident at the time of the disposal in the United Kingdom instead.

3

A transaction is within this sub-paragraph if—

a

it is a transaction, or the first in a series of transactions, as a result of which the company concerned is directly or indirectly replaced as a party to a loan relationship by another company (“the transferee”),

b

at the time of the transaction the transferee is resident outside the United Kingdom in an EEA state, and

c

it is a transaction to which section 340(3) of CTA 2009 would apply were the transferee resident at the time of the transaction in the United Kingdom instead.

4

A transaction is within this sub-paragraph if—

a

it is a transaction, or the first in a series of transactions, as a result of which the company concerned is directly or indirectly replaced as a party to a derivative contract by another company (“the transferee”),

b

at the time of the transaction the transferee is resident outside the United Kingdom in an EEA state, and

c

it is a transaction to which section 625(3) of CTA 2009 would apply were the transferee resident at the time of the transaction in the United Kingdom instead.

5

A transfer is within this sub-paragraph if—

a

it is a transfer from the company concerned of an intangible fixed asset,

b

it is a transfer to a company (“the transferee”) that immediately after the transfer is resident outside the United Kingdom in an EEA state, and

c

it is a transfer to which section 775(1) of CTA 2009 would apply were the transferee resident immediately after the transfer in the United Kingdom instead.

6

In this Schedule “transferee”, in relation to a qualifying transaction of a company, means the transferee referred to in sub-paragraph (2), (3), (4) or (5) (as the case may be).